SELBYVILLE, Del., July 13, 2021 (Newswire.com) - Based on the Global Market Insights Inc. report, the global Aromatic Solvents Market was estimated at $5.7 billion in 2020 and is slated to exceed $7.7 billion by 2027, registering a CAGR of 4.4% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
The growing exploration and production activities in North America and Europe are projected to substantially add to the demand for heavy aromatic solvents during the review period. The presence of strict environmental regulations coupled with the extensive use of enhanced oil recovery methods will further surge the use of aromatic solvents in the oil & gas industry.
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According to the corrosion study by the United States Department of Commerce (National Technical Information Service), the corrosion cost in oil & gas exploration and production activities comes up to USD 1.4 billion annually. Moreover, the growing oil & gas exploration activities mainly in the U.S. post the shale gas boom are anticipated to further accelerate the demand for heavy aromatic solvents during the forecast period.
For instance, according to EIA, the overall natural gas production in the U.S. was close to 20 trillion cubic feet in 2010 and is forecast to surpass 35 trillion cubic feet by 2024. Such inclination in natural gas production will subsequently boost the aromatic solvents market growth in the oilfield chemicals segment.
The COVID-19 pandemic is expected to have a huge impact on the supply of raw materials. Petrochemical manufacturers are likely to witness a drop in the manufacturing of aromatic solvents owing to the shutdown of petrochemical facilities across the globe. Furthermore, many medium-scale manufacturers who rely on raw material imports will face substantial challenges over the coming months.
Among various product segments, toluene and xylene are projected to generate substantial gains during the forecast period. The growing demand for these products mainly from the paints & coatings industry will substantially contribute to the aromatic solvents market share. Toluene and xylene held a market share of over 50% and 41%, respectively in 2020.
Based on application, the paints & coatings segment was the largest end-user industry in 2020 and is projected to exhibit similar trends throughout the assessment period. The paints and coatings segment will hold around 50% of the overall demand for aromatics solvents in 2027. Massive construction spending in various developing countries such as India, Indonesia, the UAE, etc. will complement growth.
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The European aromatic solvent will show a growth rate of around 3% from 2021 to 2027. The presence of major manufacturing companies, such as Exxon Mobil, BASF, and others, coupled with the increasing construction spending is projected to complement the market growth. On the other hand, the Asia Pacific held a share of over 50% in 2020 and will exhibit a CAGR of over 5.1% during the forecast timeline.
Key industry participants in the aromatic solvents industry are Exxon Mobil Corporation, Royal Dutch Shell plc, UOP LLC, and Eastman Chemical Company. Other notable players include Lyondellbasell Industries N.V., BASF SE, and Chevron Phillips Chemical Company LLC.
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Source: Global Market Insights Inc.